Permanent Power Company announced a key executive appointment today to lead its national growth strategy. The nationwide energy platform named industry veteran Steve Vavrik as Chief Executive Officer. In this new position, Vavrik leads corporate strategy across all operational functions. Furthermore, he drives project acquisitions, development pipelines, and capital deployment strategies. As a portfolio venture of CIM Group, Permanent Power Company strengthens its executive capabilities through this leadership addition.
Vavrik brings over 25 years of extensive energy industry experience to his new role. Previously, he served as Founder and CEO of Broad Reach Power. Prior to that leadership position, he served as Chief Executive Officer of Earthrise Energy. Throughout his career, he directed more than $8 billion in solar, wind, and storage developments.
“Steve’s deep experience building and operating power platforms across renewable and conventional markets, combined with his demonstrated track record in capital formation, project development and strategic execution, makes him well-suited to lead Permanent Power Company as it pursues opportunities to address the nation’s growing need for reliable and diversified power,” said Avi Shemesh, Co-Founder and Principal of CIM Group. “Permanent Power Company is intended to be a scalable operating enterprise that benefits from CIM’s long history of developing, owning and operating real assets and from the specialized expertise required to compete in today’s power markets.”
Currently, Permanent Power Company operates an extensive clean energy portfolio in California. This asset base includes 1,200 MW of solar capacity and 690 MW of battery storage. Additionally, the company manages 15 miles of critical transmission infrastructure. Moving forward, Permanent Power Company targets scalable projects within rural Opportunity Zones across America.
“I am excited to join Permanent Power Company at a time when communities and markets are seeking to meet their growing energy demands through flexible and reliable solutions,” said Steve Vavrik, Chief Executive Officer of Permanent Power Company. “CIM Group has assembled a strong foundation of power assets and operating capabilities, and I look forward to working with CIM and the Permanent Power Company team to scale a platform that can pursue strategic opportunities, support customers’ evolving energy needs and create long-term value.”
Expanding Scalable Energy Solutions Nationwide
Meanwhile, parent organization CIM Group continues building specialized portfolio platforms across major digital and power markets. For instance, CIM Group previously established Novva Data Centers to deliver specialized AI and cloud infrastructure. Consequently, this proven business model pairs experienced executive leaders with integrated capital and development capabilities.
Finally, Permanent Power Company remains well positioned to address increasing electricity demand across key regional markets. The company actively pursues long-term generation projects to enhance grid reliability and clean power deployment. Today, Permanent Power Company continues expanding its long-term ownership of diversified infrastructure assets across North America.
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Source: Businesswire
